The total insurance premium generated by the insurance sector increased from R3,94,235 crore in 2013-14 to R4,15,252 crore in 2014-15. During this period, life insurance premium registered a growth of 4.4 per cent whereas the general insurance business grew by 9 per cent.
Insurance penetration, which is premium volume as a ratio of GDP, was 2.71 per cent in 2001 and 3.3 per cent in 2014. Insurance density, which is measured as the ratio of premium to population (per capita premium), increased from US$11.5 in 2001 to US$55 in 2014. Globally, insurance penetration and density were 3.4 per cent and US$368 respectively for the life segment.